Ineco Group, the parent company of Inecobank, one of Armenia’s largest banks, has reached a major milestone in its international growth by signing a Share Purchase Agreement (SPA) to acquire a majority stake in Slovenia’s Hranilnica LON. 

The transaction marks Ineco Group’s entry into the Slovenian and European Union banking markets, taking the Group’s international expansion to a new level. 

Hranilnica LON is a well-established Slovenian bank with nearly three decades of history, a strong reputation, and a full banking license. 

The transaction is expected to close upon receipt of all required regulatory approvals from the Bank of Slovenia, the European Central Bank (ECB), and other relevant state and regulatory authorities. 

“Today, Ineco Group has reached one of the most important milestones in its development. In terms of significance, this is perhaps the most consequential event in our journey to date and, at the same time, a historic moment for Armenia. We are entering a market of nearly 550 million people, opening an entirely new scale of growth and opportunity for us,” said Davit Baloyan, CEO of Ineco Group. 

The acquisition of a majority stake in LON Bank is the latest step in Ineco Group’s international expansion strategy, launched three years ago. Today, the Group operates across more than 10 markets. 

“This transaction is a continuation of the international expansion strategy we launched three years ago. Today, Ineco Group operates in more than 10 markets, from Central Asia to the European Union. Our ambition is to continue this growth journey and, over time, bring our services and products to millions of customers,” added Davit Baloyan. 

Hranilnica LON has also issued an official statement regarding the transaction. Dr. Imre Balogh, CEO of Hranilnica LON, emphasized the significance of the transaction for the bank’s future development, noting that it will strengthen LON and create new opportunities for growth in Slovenia and across the European Union. 

About Ineco Group 

Ineco Group CJSC is an Armenia-based financial services group. The Group includes Inecobank, one of Armenia’s largest banks; Dimension Investments, an investment services company; and Highway, one of the region’s leading IT companies. 

Ineco Group also has a presence in the European Union through Ineco Finance, a credit institution operating in Bulgaria. As of the second quarter of 2026, Ineco Group had approximately USD 3 billion in assets under management. 

About Hranilnica LON d.d. 

Established in 1992 and headquartered in Kranj, Hranilnica LON d.d. is Slovenia’s 11th-largest commercial bank, with approximately EUR 350 million in total assets. 

The bank serves approximately 20,000 customers through a nationwide branch network and modern digital channels, providing a broad range of banking services to retail customers, small and medium-sized enterprises (SMEs), and corporate clients. 

LON maintains a strong focus on financial stability, prudent credit risk management, and a robust capital position.